1.7 trillion lek in banks, 5% of Albanians own more than half of the money

Nearly 950,000 citizens have a bank account, but no money. The Deposit Insurance Agency's report shows that last year, despite an increase in savings, 93% of individuals had less than 2.5 million lek in their accounts.
Albanians had nearly 1.3 trillion lek saved in banks at the end of the year, but most of this money belongs to just a few individuals.

Data from the Deposit Insurance Agency shows that more than half, almost 739 billion lek, was owned by just 5 percent of citizens. The agency also highlights that just over 1.7 million accounts have up to 2.5 million lek, while almost 950 thousand of these deposits are empty, meaning they have less than 100 lek in balance.

"We have some, but not many. It's not like we have too much of the expenses we have. What I have, I have in lek."

At the household level, approximately 16 percent of the approximately 740,000 households in Albania have 58 percent of their savings in banks. So why is the “black and white” picture of inequality among Albanians so pronounced?

"Considering that 40 percent of individuals' income goes to basic consumption... This shows, on the other hand, that we will have a low level of savings. This consequently has effects on the economy, slowing down many economic processes," Leons Hasani, an economic expert, told A2 CNN.

Data from the Deposit Insurance Agency shows that nearly 540 billion lek, or 42 percent of the total, are deposited in savings accounts with amounts ranging from 100 to 2.5 million lek. Here too, there are differences between regions of the country.

"In some regions there is an increase, in some regions there is a decrease. For example, in the regions of the North there is a decrease in the income level of Albanian families, while in the regions of Durrës, Tirana and Korça we have an increase in income indexed to the inflation rate," Hasani continued.

The inequality in the savings rate is just the tip of the iceberg of overall population inequality. The wealthier segments of the population, in addition to bank accounts, hold investments in real estate, businesses or debt securities. (A2 Televizion)